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《China Industrial Economics》 2012-01
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Can the Independent Directors Be Diligent and Trustworthy ——A Model Describing the Behavior of the Independent Directors During the Process of Monitoring

NING Xiang-dong,ZHANG Ying(School of Economic and Management of Tsinghua University,Beijing 100084,China)  
We model the independent director as a rational entity in the process of monitoring,in order to find the factors determining the diligence and trustworthiness of the independent director.We conclude that two personal factors as the evaluation of the personal relationship with the controlling shareholder and the opportunity cost during monitoring,and two external environmental factors as the concealment of information and external supervise will affect the diligence and trustworthiness of the independent director.Only those independent directors who do not take personal relationship much serious will be trustworthy during monitoring.And only those trustworthy independent directors whose opportunity cost is relatively low will be diligent during monitoring.The more information the controlling shareholder conceal from the independent director,the less diligent the director will be.The more external supervise is given,the more trustworthy and diligent the independent director will be.Our conclusion will contribute to the improvement of independent director system.
【Fund】: 国家自然科学基金研究项目“公司治理机制的实施程序与方式选择研究”(批准号70672002)
【CateGory Index】: F276.6;F203;F224
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